sc13d
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
LyondellBasell Industries N.V.
(Name of Issuer)
Class A ordinary shares, par value 0.04 per share
(Title of Class of Securities)
(CUSIP Number)
Alejandro Moreno
c/o Access Industries, Inc
730 Fifth Avenue, 20th Floor
New York, New York 10019
Tel. No.: (212) 247-6400
with copies to:
Matthew E. Kaplan
Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
(212) 909-6000
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition
that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. o
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1 |
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NAME OF REPORTING PERSON.
AI International Chemicals S.À.R.L. |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Luxembourg
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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55,936,658 shares |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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34,506,708 shares |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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55,936,658 shares |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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34,506,708 shares |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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90,443,366 shares |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11); |
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15.99%(1) |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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OO (Limited Liability Company) |
(1) All percentages are based on an aggregate of 565,673,773 ordinary shares issued and outstanding on November 9, 2010 as reported in the Issuers quarterly report on Form 10-Q filed on November 10, 2010.
Page 2 of 19
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1 |
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NAME OF REPORTING PERSON.
Len Blavatnik |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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United States of America
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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0 shares |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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90,443,366 shares |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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0 shares |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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90,443,366 shares |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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90,443,366 shares |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11); |
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15.99%(1) |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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IN |
(1) All percentages are based on an aggregate of 565,673,773 ordinary shares issued and outstanding on November 9, 2010 as reported in the Issuers quarterly report on Form 10-Q filed on November 10, 2010.
Page 3 of 19
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1 |
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NAME OF REPORTING PERSON.
AI Chemical Holdings LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Delaware
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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0 shares |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
|
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OWNED BY |
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90,443,366 shares |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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0 shares |
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WITH |
10 |
|
SHARED DISPOSITIVE POWER |
|
|
|
|
|
90,443,366 shares |
|
|
|
11 |
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|
|
|
90,443,366 shares |
|
|
|
12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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|
o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11); |
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15.99%(1) |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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OO (Limited Liability Company) |
(1) All percentages are based on an aggregate of 565,673,773 ordinary shares issued and outstanding on November 9, 2010 as reported in the Issuers quarterly report on Form 10-Q filed on November 10, 2010.
Page 4 of 19
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1 |
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NAME OF REPORTING PERSON.
AI SMS L.P. |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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British Virgin Islands
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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0 shares |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
|
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OWNED BY |
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90,443,366 shares |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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0 shares |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
|
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|
|
|
90,443,366 shares |
|
|
|
11 |
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|
|
|
90,443,366 shares |
|
|
|
12 |
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
|
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|
o
|
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|
13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11); |
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|
15.99%(1) |
|
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|
14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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PN |
(1) All percentages are based on an aggregate of 565,673,773 ordinary shares issued and outstanding on November 9, 2010 as reported in the Issuers quarterly report on Form 10-Q filed on November 10, 2010.
Page 5 of 19
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1 |
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NAME OF REPORTING PERSON.
AI SMS GP Limited |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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British Virgin Islands
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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0 shares |
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|
SHARES |
8 |
|
SHARED VOTING POWER |
BENEFICIALLY |
|
|
OWNED BY |
|
90,443,366 shares |
|
|
|
|
EACH |
9 |
|
SOLE DISPOSITIVE POWER |
REPORTING |
|
|
PERSON |
|
0 shares |
|
|
|
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WITH |
10 |
|
SHARED DISPOSITIVE POWER |
|
|
|
|
|
90,443,366 shares |
|
|
|
11 |
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|
|
|
90,443,366 shares |
|
|
|
12 |
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
|
|
|
o
|
|
|
|
13 |
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11); |
|
|
|
15.99%(1) |
|
|
|
14 |
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
|
|
|
OO (Limited Liability Company) |
(1) All percentages are based on an aggregate of 565,673,773 ordinary shares issued and outstanding on November 9, 2010 as reported in the Issuers quarterly report on Form 10-Q filed on November 10, 2010.
Page 6 of 19
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1 |
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NAME OF REPORTING PERSON.
Access Industries, LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
|
(b) o |
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|
|
3 |
|
SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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|
o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Delaware
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7 |
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SOLE VOTING POWER |
|
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NUMBER OF |
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0 shares |
|
|
|
|
SHARES |
8 |
|
SHARED VOTING POWER |
BENEFICIALLY |
|
|
OWNED BY |
|
90,443,366 shares |
|
|
|
|
EACH |
9 |
|
SOLE DISPOSITIVE POWER |
REPORTING |
|
|
PERSON |
|
0 shares |
|
|
|
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WITH |
10 |
|
SHARED DISPOSITIVE POWER |
|
|
|
|
|
90,443,366 shares |
|
|
|
11 |
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|
|
|
90,443,366 shares |
|
|
|
12 |
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
|
|
|
o
|
|
|
|
13 |
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11); |
|
|
|
15.99%(1) |
|
|
|
14 |
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
|
|
|
OO (Limited Liability Company) |
(1) All percentages are based on an aggregate of 565,673,773 ordinary shares issued and outstanding on November 9, 2010 as reported in the Issuers quarterly report on Form 10-Q filed on November 10, 2010.
Page 7 of 19
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1 |
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NAME OF REPORTING PERSON.
Access Industries Management, LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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|
OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Delaware
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7 |
|
SOLE VOTING POWER |
|
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NUMBER OF |
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0 shares |
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|
SHARES |
8 |
|
SHARED VOTING POWER |
BENEFICIALLY |
|
|
OWNED BY |
|
90,443,366 shares |
|
|
|
|
EACH |
9 |
|
SOLE DISPOSITIVE POWER |
REPORTING |
|
|
PERSON |
|
0 shares |
|
|
|
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WITH |
10 |
|
SHARED DISPOSITIVE POWER |
|
|
|
|
|
90,443,366 shares |
|
|
|
11 |
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|
|
|
90,443,366 shares |
|
|
|
12 |
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
|
|
|
o
|
|
|
|
13 |
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11); |
|
|
|
15.99%(1) |
|
|
|
14 |
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
|
|
|
OO (Limited Liability Company) |
(1) All percentages are based on an aggregate of 565,673,773 ordinary shares issued and outstanding on November 9, 2010 as reported in the Issuers quarterly report on Form 10-Q filed on November 10, 2010.
Page 8 of 19
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1 |
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NAME OF REPORTING PERSON.
Altep 2010 L.P. |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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|
o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Delaware
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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334,010 shares |
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|
SHARES |
8 |
|
SHARED VOTING POWER |
BENEFICIALLY |
|
|
OWNED BY |
|
90,109,356 shares |
|
|
|
|
EACH |
9 |
|
SOLE DISPOSITIVE POWER |
REPORTING |
|
|
PERSON |
|
334,010 shares |
|
|
|
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WITH |
10 |
|
SHARED DISPOSITIVE POWER |
|
|
|
|
|
90,109,356 shares |
|
|
|
11 |
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|
|
|
90,443,366 shares |
|
|
|
12 |
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
|
|
|
o
|
|
|
|
13 |
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11); |
|
|
|
15.99%(1) |
|
|
|
14 |
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
|
|
|
PN |
(1) All percentages are based on an aggregate of 565,673,773 ordinary shares issued and outstanding on November 9, 2010 as reported in the Issuers quarterly report on Form 10-Q filed on November 10, 2010.
Page 9 of 19
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1 |
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NAME OF REPORTING PERSON.
Access Industries, Inc. |
|
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|
|
|
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2 |
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
|
|
(a) o |
|
(b) o |
|
|
|
3 |
|
SEC USE ONLY |
|
|
|
|
|
|
|
4 |
|
SOURCE OF FUNDS (SEE INSTRUCTIONS) |
|
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|
OO |
|
|
|
5 |
|
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
|
|
|
o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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|
New York
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|
7 |
|
SOLE VOTING POWER |
|
|
|
NUMBER OF |
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334,010 shares |
|
|
|
|
SHARES |
8 |
|
SHARED VOTING POWER |
BENEFICIALLY |
|
|
OWNED BY |
|
90,109,356 shares |
|
|
|
|
EACH |
9 |
|
SOLE DISPOSITIVE POWER |
REPORTING |
|
|
PERSON |
|
334,010 shares |
|
|
|
|
WITH |
10 |
|
SHARED DISPOSITIVE POWER |
|
|
|
|
|
90,109,356 shares |
|
|
|
11 |
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|
|
|
90,443,366 shares |
|
|
|
12 |
|
CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
|
|
|
o
|
|
|
|
13 |
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11); |
|
|
|
15.99%(1) |
|
|
|
14 |
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
|
|
|
CO |
(1) All percentages are based on an aggregate of 565,673,773 ordinary shares issued and outstanding on November 9, 2010 as reported in the Issuers quarterly report on Form 10-Q filed on November 10, 2010.
Page 10 of 19
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Item 1. |
|
Security and Issuer |
This Schedule 13D relates to the Class A ordinary shares, par value 0.04 per share (the
ordinary shares), of LyondellBasell Industries N.V. (the Issuer). The address of the principal
executive officers of the Issuer is Weena 737, 3013AM Rotterdam, The Netherlands.
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Item 2. |
|
Identity and Background |
The identity and background of the following persons filing this Schedule 13D (each a
Reporting Person, and collectively, the Reporting Persons) is as follows:
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Jurisdiction of |
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Address of |
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Organization/ |
Name |
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Business/Principal Office |
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Principal Business/Occupation |
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Citizenship |
AI International
Chemicals S.À.R.L.
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15-17 Ave. Gaston Diderich
L-1420 Luxembourg
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Holding Issuer securities
|
|
Luxembourg |
|
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|
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|
|
Len Blavatnik
|
|
c/o Access Industries, Inc.
730 Fifth Avenue
New York, NY 10019
|
|
Chairman of Access
Industries, Inc., the
principal business of which
is holding strategic
investments in a variety of
industries worldwide
|
|
United States of
America |
|
|
|
|
|
|
|
AI Chemical
Holdings LLC
|
|
c/o Access Industries, Inc.
730 Fifth Avenue
New York, NY 10019
|
|
Holding strategic
investments in a variety of
industries worldwide
|
|
Delaware |
|
|
|
|
|
|
|
AI SMS L.P.
|
|
Trinity Chambers
Road Town
Tortola
British Virgin Islands
|
|
Holding strategic
investments in a variety of
industries worldwide
|
|
British Virgin
Islands |
|
|
|
|
|
|
|
AI SMS GP Limited
|
|
Trinity Chambers
Road Town
Tortola
British Virgin Islands
|
|
General partner of AI SMS L.P.
|
|
British Virgin
Islands |
|
|
|
|
|
|
|
Access Industries,
LLC
|
|
c/o Access Industries, Inc.
730 Fifth Avenue
New York, NY 10019
|
|
Holding strategic investments
in a variety of industries
worldwide
|
|
Delaware |
|
|
|
|
|
|
|
Access Industries
Management, LLC
|
|
c/o Access Industries, Inc.
730 Fifth Avenue
New York, NY 10019
|
|
Manager of companies holding strategic investments in a
variety of industries
worldwide
|
|
Delaware |
|
|
|
|
|
|
|
Altep 2010 L.P.
|
|
c/o Access Industries, Inc.
730 Fifth Avenue
New York, NY 10019
|
|
Holding strategic
investments in a variety of
industries worldwide
|
|
Delaware |
|
|
|
|
|
|
|
Access Industries,
Inc.
|
|
730 Fifth Avenue
New York, NY 10019
|
|
Holding strategic investments and
managing companies holding strategic investments
in a variety of industries
worldwide
|
|
New York |
The agreement among the Reporting Persons relating to the joint filing of this Schedule 13D is
filed as
Page 11 of 19
Exhibit 99.1 hereto.
None of the Reporting Persons has, during the last five years, been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws. None of the Reporting Persons has, during the last five
years, been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
|
|
|
Item 3. |
|
Source and Amount of Funds or Other Consideration |
On April 23, 2010, the United States Bankruptcy Court in the Southern District of New York
approved the Issuers Third Amended and Restated Plan of Reorganization (the Plan of
Reorganization) and the Issuer emerged from bankruptcy on April 30, 2010. AI International
Chemicals S.À.R.L. (AIIC) and its affiliates acquired 53,000,168 ordinary shares in connection
with the Issuers exit from bankruptcy proceedings, including
shares purchased in an offering by the Issuer of rights to purchase ordinary shares
pursuant to the Plan of Reorganization and shares acquired from other holders; and
acquired 3,270,500 ordinary shares through open market purchases.
On December 13, 2010, AIIC entered into a postpaid share forward agreement (the Forward
Contract) with Bank of America, N.A. (BofA) with an effective date of December 14, 2010. If
AIIC elects to settle the Forward Contract through physical settlement, BofA will be obligated to
deliver to AIIC 34,172,698 ordinary shares against payment by AIIC of the price of $28 per ordinary
share. Any such physical settlement is subject to the condition that AIIC has made all filings
required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the HSR Act) and the
waiting period under the HSR Act has expired or been terminated. The waiting period under the HSR
Act expired at 11:59 pm on December 31, 2010.
During the term of the Forward Contract, AIIC is required to make monthly payments to BofA
relating to the notional value of the Forward Contract (net of cash collateral posted by AIIC as of
the commencement of the Forward Contract) and will receive a payment from BofA in an amount equal
to any cash dividends paid on the reference number of ordinary shares at the settlement of the
Forward Contract. The terms of the Forward Contract are more fully described in Item 6 hereof. If
AIIC elects to physically settle the Forward Contract, the source of funds for this purchase is
expected to be capital contributions from AIICs sole member and/or loans from one or more
financial institutions. AIIC may fund some or all of the amount that would be due upon physical
settlement of the Forward Contract with proceeds of a loan under a $500 million margin loan
facility that may be secured by some of the ordinary shares held by AIIC.
|
|
|
Item 4. |
|
Purpose of Transaction |
AIIC acquired the ordinary shares it holds directly as an investment in the regular course of
AIICs business. Pursuant to the terms of the Nomination Agreement (described in Item 6, below),
AIIC has the right to nominate a member to the Issuers supervisory board. AIIC has nominated
Stephen F. Cooper to serve as a member of the Issuers supervisory board.
AIIC has entered into the Forward Contract as an investment in the regular course of AIICs
business. AIIC currently intends to elect physical settlement under the Forward Contract on or
before its expiration on January 31, 2011, subject to market conditions, the trading prices of
ordinary shares, alternative investment opportunities, the availability of funds, and the outlook
for the petrochemicals industry and the Issuer. If AIIC elects physical settlement of the Forward
Contract, it will have the right to nominate an additional member to the Companys supervisory
board as a result of its increased ownership following the settlement of the Forward Contract.
AIIC would expect to exercise that right.
The Reporting Persons intend to re-examine their investment from time to time and, depending
on prevailing market conditions, other investment opportunities, liquidity requirements or other
investment considerations the Reporting Persons deem material, the Reporting Persons may from time
to time acquire additional ordinary shares in the open market, block trades, negotiated
transactions, or otherwise. The Reporting Persons may also dispose of all or a portion of the
Issuers securities, in open market or privately negotiated transactions, and/or
Page 12 of 19
enter into derivative transactions with institutional counterparties with respect to the Issuers
ordinary shares, in each case, subject to limitations under applicable law.
The Reporting Persons have not yet determined which, if any, of the above courses of action
they may ultimately take. The Reporting Persons future actions with regard to the Issuer are
dependent on their evaluation of the factors listed above, circumstances affecting the Issuer in
the future, including prospects of the Issuer, general market and economic conditions and other
factors deemed relevant. The Reporting Persons reserve the right to determine in the future
whether to change the purpose or purposes described above or whether to adopt plans or proposals of
the type specified above or otherwise.
Except as set forth above, the Reporting Persons have no plans or proposals with respect to
the Issuer.
|
|
|
Item 5. |
|
Interest in Securities of the Issuer |
(a)-(b) The responses of each of the Reporting Persons with respect to Rows 11, 12 and 13 of
the cover pages of this Schedule 13D that relate to the aggregate number and percentage of ordinary
shares (including but not limited to footnotes to such information) are incorporated herein by
reference.
The responses of each of the Reporting Persons with respect to Rows 7, 8, 9 and 10 of the
cover pages of this Schedule 13D that relate to the number of ordinary shares as to which each of
the persons or entities referenced in Item 2 above has sole power or shared power to vote or to
direct the vote and sole or shared power to dispose or to direct the disposition (including but not
limited to footnotes to such information) are incorporated herein by reference.
AIIC holds 55,936,658 ordinary shares directly and may be deemed to share investment and
voting power over the 34,172,698 ordinary shares that AIIC may acquire pursuant to the Forward
Contract. Each of the Reporting Persons, pursuant to Rule 13d-4 of the Act, disclaims beneficial
ownership of the 34,172,698 ordinary shares that any of the Reporting Persons may acquire or be
deemed to beneficially own pursuant to the Forward Contract, and nothing contained in this Schedule
13D shall be construed as an admission that any of the Reporting Persons are the beneficial owners
of any securities covered by the Forward Contract. Each of AI Chemical Holdings LLC, AI SMS L.P.,
AI SMS GP Limited, Access Industries, LLC, Access Industries Management, LLC and Len Blavatnik may
be deemed to beneficially own the 55,936,658 ordinary shares held directly by AIIC and the
34,172,698 ordinary shares that AIIC may acquire pursuant to the Forward Contract. AI Chemical
Holdings LLC controls AIIC and, as a result, may be deemed to share voting and investment power
over the ordinary shares beneficially owned by AIIC. AI SMS L.P. is the sole member of AI Chemical
Holdings LLC. AI SMS GP Limited is the general partner of AI SMS L.P. and, as such, may be deemed
to share voting and investment power over the ordinary shares deemed beneficially owned by AIIC, AI
Chemical Holdings LLC and AI SMS L.P. Access Industries, LLC controls AI SMS GP Limited and, as a
result, may be deemed to share voting and investment power over the ordinary shares beneficially
owned by AIIC, AI Chemical Holdings LLC, AI SMS L.P. and AI SMS GP Limited. Access Industries
Management, LLC controls Access Industries, LLC and, as a result, may be deemed to share voting and
investment power over the shares beneficially owned by AIIC, AI Chemical Holdings LLC, AI SMS L.P.,
AI SMS GP Limited and Access Industries, LLC. Mr. Blavatnik controls Access Industries Management,
LLC and, as a result, may be deemed to share voting and investment power over the ordinary shares
beneficially owned by AIIC, AI Chemical Holdings LLC, AI SMS L.P., AI SMS GP Limited, Access
Industries, LLC and Access Industries Management, LLC. Because of their relationships with the
other reporting persons, Altep 2010 L.P. (Altep) and Access Industries, Inc. may be deemed to
share investment and voting power over the ordinary shares beneficially owned by AIIC, AI Chemical
Holdings LLC, AI SMS L.P., AI SMS GP Limited, Access Industries, LLC, Access Industries Management,
LLC and Mr. Blavatnik. Each of AI Chemical Holdings LLC, AI SMS L.P., AI SMS GP Limited, Access
Industries, LLC, Access Industries Management, LLC, Altep, Access Industries, Inc. and Len
Blavatnik, and each of their affiliated entities and the officers, partners, members and managers
thereof, other than AIIC, disclaims beneficial ownership of the shares held by AIIC.
Altep holds 334,010 ordinary shares directly. Each of Access Industries, Inc. and Len
Blavatnik may be deemed to beneficially own the 334,010 ordinary shares held directly by Altep.
Access Industries, Inc. is the general
partner of Altep and, as a result, may be deemed to have voting and investment control over
the shares owned
Page 13 of 19
directly by Altep. Mr. Blavatnik controls Access Industries, Inc. and, as a
result, may be deemed to share voting and investment power over the 334,010 ordinary shares held by
Altep. Because of their relationships with the other reporting persons, each of AIIC, AI Chemical
Holdings LLC, AI SMS L.P., AI SMS GP Limited, Access Industries, LLC and Access Industries
Management, LLC may be deemed to share investment and voting power over the ordinary shares
beneficially owned by Altep, Access Industries, Inc. and Mr. Blavatnik. Each of AIIC, AI Chemical
Holdings LLC, AI SMS L.P., AI SMS GP Limited, Access Industries, LLC, Access Industries Management,
LLC, Access Industries, Inc. and Mr. Blavatnik, and each of their affiliated entities and the
officers, partners, members and managers thereof, other than Altep, disclaims beneficial ownership
of the shares held by Altep.
(c) On December 13, 2010, AIIC entered into the Forward Contract. AIIC obtained the right to
acquire the shares subject to the Forward Contract on January 1, 2011.
(d) Except as otherwise described in Item 6, no person is known by any of the Reporting
Persons to have the right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, ordinary shares.
(e) Not applicable.
|
|
|
Item 6. |
|
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the
Issuer |
Forward Contract
On December 13, 2010, AIIC entered into the Forward Contract with BofA with respect to
34,172,698 ordinary shares. The effective date of the Forward Contract was December 14, 2010.
During the term of the Forward Contract, AIIC is required to make monthly payments, calculated
based on one-month LIBOR plus a spread, to BofA relating to the notional value of the Forward
Contract (net of cash collateral posted by AIIC as of the commencement of the Forward Contract) and
will receive a payment from BofA in an amount equal to any cash dividends paid on the reference
number of ordinary shares at the settlement of the Forward Contract. AIIC pledged to BofA
collateral consisting of cash and ordinary shares currently owned by AIIC to support its
obligations under the Forward Contract.
The price specified in the Forward Contract is equal to $28. Under the Forward Contract, BofA
will also charge certain commissions and fees and the cost of financing the holdings of hedge
shares by BofA over the term of the Forward Contract described below. The number of shares held by
BofA as a hedge with respect to the Forward Contract cannot exceed 15% of the outstanding shares of
the Issuer. The Forward Contract allows AIIC to elect either to physically settle the Forward
Contract, i.e., to take delivery of the underlying ordinary shares, or to cash settle the
transaction, i.e., to receive or pay the change in the value of the underlying ordinary shares on a
specified date or at an earlier date elected by AIIC. If physical settlement is elected, BofA will
be obligated to deliver to AIIC 34,172,698 ordinary shares against payment by AIIC of $28 per
ordinary share. Any such physical settlement is subject to the condition that AIIC has made all
filings required under the HSR Act, and the waiting period under the HSR Act has expired or been
terminated. The waiting period under the HSR Act expired at 11:59 pm on December 31, 2010.
In the case of cash settlement, if the price of the ordinary shares has increased over $28 per
ordinary share, BofA will pay AIIC the amount of the increase; and if the price of the ordinary
shares has decreased from $28 per ordinary share, AIIC will pay BofA the amount of the decrease.
If cash settlement occurs, an objective current market price will be used to determine the amount
to be paid or delivered.
Any ordinary shares that BofA may own or acquire as a hedge to its exposure under the Forward
Contract will be held for the sole benefit of BofA and will not be held on behalf of the Reporting
Persons. Any such ordinary shares will not be pledged to AIIC or any Reporting Person to secure
the performance of BofA under the Forward Contract, and the Reporting Persons do not and will not
have any direct claim on any ordinary shares held by BofA as a hedge in the case of a default or
bankruptcy of BofA. AIIC does not and will not have any rights to any ordinary
shares held by BofA as a hedge unless and until those ordinary shares are delivered to AIIC. The
Reporting
Page 14 of 19
Persons do not and will not have a right to direct the voting or disposition of any such
ordinary shares, and BofA will not accept any instruction as to the voting or disposition of such
ordinary shares from any of the Reporting Persons. BofA does not and will not have any rights to
direct or affect the acquisition, holding, voting or disposition of any ordinary shares held by the
Reporting Persons.
The preceding summary of the Forward Contract is not intended to be complete and is qualified
in its entirety by reference to the full text of the Forward Contract, a copy of which is attached
as Exhibit 99.2 hereto, and which is incorporated by reference herein.
Nomination Agreement
On April 30, 2010, AIIC entered into a nomination agreement (the Nomination Agreement) with
the Issuer. Pursuant to the Nomination Agreement, AIIC had the right to nominate one member to the
initial supervisory board of the Issuer. AIIC also had the right to approve any appointees to the
Issuers supervisory board by the Issuers Chief Financial Officer and Chief Legal Officer during
the period from the date of the Nomination Agreement through the date the Issuers shares were
listed on the New York Stock Exchange.
Subsequent to the initial nomination to the Issuers supervisory board described above, at any
time that AIIC and its affiliates together hold 5% or more but less than 12% of the outstanding
stock of the Issuer, the Issuer shall use its reasonable best efforts to ensure that a nominee of
AIIC is appointed to the supervisory board in accordance with the terms of the Issuers Articles of
Association. Similarly, subsequent to the initial nomination to the Issuers supervisory board
described above, at any time that AIIC and its affiliates together hold 12% or more but less than
18% of the outstanding stock of the Issuer, the Issuer shall use its reasonable best efforts to
ensure that at least two nominees of AIIC are appointed to the supervisory board in accordance with
the terms of the Issuers Articles of Association and if AIIC and its affiliates together hold 18%
or more of the outstanding stock of the Issuer, the Issuer shall use its reasonable best efforts to
ensure that at least three nominees of AIIC are appointed to the supervisory board in accordance
with the terms of the Issuers Articles of Association.
If, pursuant to the Nomination Agreement, AIIC becomes entitled to nominate three members to
the Issuers supervisory board, then so long as AIIC remains entitled to nominate three members to
the supervisory board, at least one member of the Issuers supervisory board nominated by AIIC will
be entitled to serve on each committee of the supervisory board (to the extent not prohibited by
law or by any then applicable stock exchange rules or listing requirements).
The Nomination Agreement will terminate as of the date that AIIC, together with its
affiliates, holds directly or indirectly less than 5% of the outstanding stock of the Issuer, but
shall terminate no earlier than April 30, 2011.
Registration Rights Agreement
On April 30, 2010, an affiliate of AIIC entered into a registration rights agreement (the
Registration Rights Agreement) with the Issuer and two other holders of the Issuers outstanding
securities, Leveragesource (Delaware), LLC and Ares Corporate Opportunities Fund III, L.P.
(collectively, the Holders).
Pursuant to the Registration Rights Agreement, the Issuer agreed to file an initial shelf
registration statement (the Initial Registration Statement) with the SEC by the 30th day after
the Issuers registration statement on Form 10 was declared effective by the SEC; provided, that if
the Issuers registration statement on Form 10 was declared effective by the SEC on a date that is
more than 90 days after the effective date of the Plan of Reorganization, the Issuer agreed to file
such Initial Registration Statement by no later than 10 days after the Issuers registration
statement on Form 10 was declared effective by the SEC. The Initial Registration Statement relates
to the offer and sale of the Issuers securities to the public by the Holders from time to time, on
a delayed or continuous basis, but not involving an underwritten offering. Pursuant to the
Registration Rights Agreement, the Issuer has agreed to use its reasonable best efforts to (a)
cause the Initial Registration Statement to be declared effective by the SEC, (b) keep such Initial
Registration Statement continuously effective, subject to certain exceptions and (c) not suspend
the use of the prospectus included in the Initial Registration Statement in order to permit such
prospectus to be usable by the Holders until the earlier of (i) two years from the date of
effectiveness of such Initial Registration Statement, (ii) the Issuers filing of a short-form or
automatic shelf registration statement covering all of the Issuers securities issued to the
Holders and such registration statement having been declared effective by the SEC or (iii)
Page 15 of 19
there being no more of the Issuers outstanding securities issued to the Holders.
Following the later of 90 days after the effective date of the Plan of Reorganization and the
date this Registration Statement is declared effective, but (i) at any time prior to the first
anniversary of the effective date of the Plan of Reorganization, the holders of a majority of the
securities then held by the Holders and (ii) at any time on or after the first anniversary of the
effective date of the Plan of Reorganization, any Holder may make a specified number of requests
for registration on Form S-1 or similar long-form registration statement of the securities under
the Securities Act of 1933, as amended (the Securities Act); provided, however that the Issuer
may satisfy such a request by amending or supplementing the Initial Registration Statement to
provide for an underwritten offering on behalf of the Holders that made such request.
Additionally, after the first anniversary of the effective date of the Plan of Reorganization, the
Holders may request registration on Form S-3, or other similar short-form registration statement,
if available, of the Holders securities. Further, upon the Issuer becoming a Well-Known Seasoned
Issuer, as defined in the Securities Act, the Issuer will give written notice to the Holders of the
basis for that status and register the sale of the Holders securities under an automatic shelf
registration statement promptly thereafter.
Whenever the Issuer proposes to register any securities, or proposes to offer any of its
ordinary shares to the public, the Issuer must give prompt written notice to all Holders and
include the Holders securities in the public offering for which the Issuer receives written
requests within the time prescribed by the Registration Rights Agreement from the Holders for
inclusion therein. However, in the case of an underwritten offering, the Issuer may exclude the
Holders securities requested for inclusion therein if the managing underwriter for such offering
advises the Issuer that inclusion of such securities would materially and adversely affect such
offering because such securities are not of the same type, class or series as the securities to be
offered and sold therein.
To the best of each Reporting Persons knowledge, except as described above in this Item 6, there
are at present no contracts, arrangements, understandings or relationships (legal or otherwise)
among the persons named in Item 2 above and between any such persons and any person with respect to
any securities of the Issuer.
|
|
|
Item 7. |
|
Material to be Filed as Exhibits |
|
|
|
Exhibit |
|
|
No. |
|
Description |
|
|
|
99.1
|
|
Joint Filing Agreement, dated as of January 7, 2011, by and
between AI International Chemicals S.À.R.L., Mr. Blavatnik, AI
Chemical Holdings LLC, AI SMS L.P., AI SMS GP Limited, Access
Industries LLC, Access Industries Management LLC, Altep 2010
L.P. and Access Industries, Inc. |
|
|
|
99.2
|
|
Forward Contract, dated as of December 13, 2010, by and
between AI International Chemicals S.À.R.L. and Bank of
America, N.A. |
|
|
|
99.3
|
|
Nomination Agreement, dated as of April 3, 2010, between AI
International Chemicals S.À.R.L. and LyondellBasell Industries
N.V., incorporated by reference to Exhibit 4.5 of Amendment 2
to LyondellBasell Industries N.V.s registration statement on
Form 10, filed on July 26, 2010. |
|
|
|
99.4
|
|
Registration Rights Agreement, dated as of April 30, 2010,
among LyondellBasell Industries N.V. and the Holders (as
defined therein) incorporated by reference to Exhibit 4.7 of
Amendment 2 to LyondellBasell Industries N.V.s registration
statement on Form 10, filed on July 26, 2010. |
|
|
|
99.5
|
|
Power of Attorney. |
Page 16 of 19
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the
information set forth in this statement is true, complete and correct.
|
|
|
|
|
|
AI INTERNATIONAL CHEMICALS S.À.R.L.
|
|
|
By: |
/s/ Alejandro Moreno
|
|
|
|
Alejandro Moreno, Class A Member |
|
|
|
|
|
|
LEN BLAVATNIK
|
|
|
*
|
|
|
Len Blavatnik |
|
|
|
|
|
AI CHEMICAL HOLDINGS LLC
By: Access Industries Management, LLC
|
|
|
By: |
/s/ Alejandro Moreno
|
|
|
|
Name: |
Alejandro Moreno |
|
|
|
Title: |
Senior Vice President |
|
|
|
AI SMS L.P.
By: AI SMS GP LIMITED
By: Belvaux Management Limited
|
|
|
By: |
/s/ Ronan J.E. Kuczaj
|
|
|
|
Name: |
Ronan J.E. Kuczaj |
|
|
|
Title: |
Director |
|
|
|
AI SMS GP LIMITED
By: Belvaux Management Limited
|
|
|
By: |
/s/ Ronan J.E. Kuczaj
|
|
|
|
Name: |
Ronan J.E. Kuczaj |
|
|
|
Title: |
Director |
|
|
|
ACCESS INDUSTRIES, LLC
By: Access Industries Management, LLC
|
|
|
By: |
/s/ Alejandro Moreno
|
|
|
|
Name: |
Alejandro Moreno |
|
|
|
Title: |
Senior Vice President |
|
|
|
ACCESS INDUSTRIES MANAGEMENT, LLC
|
|
|
By: |
/s/ Alejandro Moreno
|
|
|
|
Name: |
Alejandro Moreno |
|
|
|
Title: |
Senior Vice President |
|
|
|
ALTEP 2010 L.P.
By: Access Industries, Inc.
|
|
|
By: |
/s/ Alejandro Moreno
|
|
|
|
Name: |
Alejandro Moreno |
|
|
|
Title: |
Senior Vice President |
|
Page 17 of 19
|
|
|
|
|
|
ACCESS INDUSTRIES, INC.
|
|
|
By: |
/s/ Alejandro Moreno
|
|
|
|
Name: |
Alejandro Moreno |
|
|
|
Title: |
Senior Vice President |
|
|
|
|
|
* |
|
The undersigned, by signing his name hereto, executes this Schedule 13D pursuant to the Power of
Attorney executed on behalf of Mr. Blavatnik and filed herewith. |
|
|
|
|
|
|
|
|
|
By: |
/s/ Alejandro Moreno
|
|
|
|
Name: |
Alejandro Moreno |
|
|
|
Attorney-in-Fact |
|
Page 18 of 19
INDEX TO EXHIBITS
|
|
|
Exhibit |
|
|
No. |
|
Description |
|
|
|
99.1
|
|
Joint Filing Agreement, dated as of January 7, 2011, by and
between AI International Chemicals S.À.R.L., Mr. Blavatnik, AI
Chemical Holdings LLC, AI SMS L.P., AI SMS GP Limited, Access
Industries LLC, Access Industries Management LLC, Altep 2010
L.P. and Access Industries, Inc. |
|
|
|
99.2
|
|
Forward Contract, dated as of December 13, 2010, by and
between AI International Chemicals S.À.R.L. and Bank of
America, N.A. |
|
|
|
99.3
|
|
Nomination Agreement, dated as of April 3, 2010, between AI
International Chemicals S.À.R.L. and LyondellBasell Industries
N.V., incorporated by reference to Exhibit 4.5 of Amendment 2
to LyondellBasell Industries N.V.s registration statement on
Form 10, filed on July 26, 2010. |
|
|
|
99.4
|
|
Registration Rights Agreement, dated as of April 30, 2010,
among LyondellBasell Industries N.V. and the Holders (as
defined therein) incorporated by reference to Exhibit 4.7 of
Amendment 2 to LyondellBasell Industries N.V.s registration
statement on Form 10, filed on July 26, 2010. |
|
|
|
99.5
|
|
Power of Attorney. |
Page 19 of 19